Social Security payments are an essential source of income for many retirees and disabled individuals in the United States. These payments help cover basic needs like food and shelter, providing financial security for millions. This week, significant Social Security payments will be made, and it’s important to know the details. Let’s dive into what you need to know about these payments and how they affect you.
What You Need to Know About the Upcoming Social Security Payments in June
Retirement Benefits Program
The amount you receive in retirement benefits depends on when you start collecting. If you begin at age 62, you’ll get 70% of the full benefit. If you wait until your full retirement age, which is between 66 and 67 depending on your birth year, you’ll get 100%. Waiting until age 70 increases your benefit to about 124% of your primary insurance amount (PIA).
Disability Benefits Program
Disability benefits are for those with a permanent disability that prevents them from working for at least a year. The criteria are stricter than many private disability plans, which only require you to be unable to work your current job. If you qualify, you’ll receive the same amount as you would at full retirement age.
Your minor children and, in some cases, your spouse may also qualify for supplemental disability payments based on your earnings history. To be eligible, you must have worked for at least 5 out of the last 10 years (20 quarters of coverage in the last 40 quarters).
Complete Social Security Payment Schedule for July
The Supplemental Security Income (SSI) program will resume regular payments on the first of July after a month without payment. Here are the confirmed dates for Social Security payments in July:
- July 1st: SSI payments for individuals and couples who meet income requirements.
- July 3rd: Payments for retired workers and disabled individuals who claimed benefits before May 1997.
- July 10th: Payments for retirees and disabled people who claimed benefits after 1997 and were born between the 1st and the 10th.
- July 17th: Payments for retirees and disabled people who claimed benefits after 1997 and were born between the 11th and the 20th.
- July 24th: Payments for retirees and disabled people who claimed benefits after 1997 and were born between the 21st and the 31st.
How Much Will Beneficiaries Receive Next Week in Social Security Payments?
Social Security calculates monthly benefits based on factors like full retirement age (FRA), work history, and contributions. Currently, a senior at FRA receives $3,822 per month. If you wait until age 70 to claim, you can receive up to $4,873 per month starting in 2024.
Disabled individuals typically receive up to $1,500 monthly, though this amount can vary. For instance, if your previous Social Security payments were high, your disability payment might be as much as $2,890 per month.
FAQs
1. When will I receive my Social Security payment in June?
Social Security payments will be made on Wednesday, June 26th.
2. How much can I receive if I retire at age 70?
If you retire at age 70, you can receive up to 124% of your primary insurance amount, which can be as high as $4,873 per month in 2024.
3. What are the requirements for disability benefits?
You must have a permanent disability preventing you from working for at least a year, and you need to have worked for at least 5 out of the last 10 years.
4. When will SSI payments be made in July?
SSI payments will be made on July 1st.
5. Can my family members receive benefits based on my disability?
Yes, your minor children and, in some cases, your spouse may qualify for supplemental disability payments based on your earnings history.
Understanding Social Security payments is crucial for financial planning, whether you’re nearing retirement or dealing with a disability. Knowing the payment schedule and how benefits are calculated can help you make informed decisions.
Keep track of these dates and ensure you meet all eligibility requirements to maximize your benefits. For the latest updates, always refer to the official Social Security Administration’s resources.